US stocks today: Nasdaq, S&P fall over 1%, end lower for week as chip selloff broadens

US markets ended sharply lower on Friday with the S&P 500 falling 1.01 percent to 7,457.78 and the Nasdaq dropping 1.40 percent to 25,511.12, as a broad semiconductor selloff dragged indices to weekly losses. The Philadelphia SE Semiconductor Index posted its steepest weekly loss in over a year, down nearly 18 percent in July, though it remains up about 65 percent year-to-date as investors trim AI-exposed positions. Early Q2 earnings remain strong, with 90 percent of the 49 S&P 500 reporters beating estimates and earnings growth now tracking at 26 percent year-on-year, up from 19.2 percent expectations in April.